<For provisional translation>
May 30, 2013
For Immediate Release
REIT Issuer
Hankyu REIT, Inc. (Securities Code: 8977)
19-19 Chaya-machi, Kita-ku, Osaka
Yoshiaki Shiraki, Executive Director
Asset Management Company
Hankyu REIT Asset Management, Inc.
Yoshiaki Shiraki, President & Representative Director
Contact:
Yoshihiro Nakano
General Manager, Corporate Planning Dept.
Email: hankyureit-ir@hankyu-rt.jp

Notice Concerning Forecasts of Financial Results for the Fiscal Period Ending November 30, 2013

Hankyu REIT, Inc. (hereafter “Hankyu REIT”) announces its forecasts of financial results for the fiscal
period ending November 30, 2013 (17th fiscal period: June 1, 2013 to November 30, 2013). The details are
as follows.

Details
1. Forecasts of Financial Results for the Fiscal Period Ending November 30, 2013
OperatingOperating

Ordinary

revenues

incomeincome4,529 million

1,780 million

1,337 million

1,336 million

yen

yen

yen

yen

Net income

Distribution per unit Distribution in(not includingexcess ofdistributions inearnings per
excess of earnings)
unit

Fiscal period
ending12,700 yen
November 30,0 yen

2013
Note 1: Expected number of issued and outstanding investment units at the end of the period ending November 30,
2013: 105,200 units
Note 2: Figures less than a unit have been rounded down.

2. Reason for Announcement
Hankyu REIT has resolved the issuance of new investment units and secondary offering of investment
units with the purpose of procuring funds to allocate to acquiring specified assets, etc. at its Board ofDirectors meeting held today. Accordingly, the forecasts for the fiscal period ending November 30, 2013
are announced.
Disclaimer:This document is a press release to make a public announcement of the forecast of financial results for the fiscal period ending
November 30, 2013, and has not been prepared as a solicitation for investment. Hankyu REIT cautions investors to ensure that theyrefer to the prospectus for notification of the issuance of new investment units and secondary offering of investment units as well as
amendments thereto prepared by Hankyu REIT, if any, before undertaking investments and investments be made at their own discretion
and responsibility.

1Moreover, there are no changes to the forecasts of financial results for the fiscal period ending May 31,
2013 at this point in time.

3. (Reference) Forecasts for the Fiscal Period Ending May 31, 2013 (16th fiscal period: December 1, 2012 toMay 31, 2013)
The forecasts for the fiscal period ending May 31, 2013 (16th fiscal period: December 1, 2012 to May 31,2013) announced in “Financial Results for the Fiscal Period From June 1, 2012 to November 30, 2012”
dated January 22, 2013 are as follows.

OperatingOperating

Ordinary

revenues

incomeincome4,672 million

1,402 million

983 million

982 million

yenyenyenyen

Net income

Distribution per unit
Distribution in(not includingexcess ofdistributions in excess
earnings per unitof earnings)

Fiscal period
ending May 31,

11,500 yen

0 yen

2013
Note 1: Expected number of outstanding investment units at the end of the period ending May 31, 2013: 85,400 units (nochange from the previous announcement)
Note 2: Figures less than a unit have been rounded down.

Note:

The forecasts above are based on certain assumptions currently available to Hankyu REIT, Inc. Actual
operating revenues, operating income, ordinary income, net income, and distribution per unit may differ
substantially due to factors such as future acquisitions or transfer of real estate, fluctuations in the real estatemarket, and other changes surrounding Hankyu REIT, and the forecasts do not guarantee any cash
distribution amounts. If a certain difference is expected from the forecasts above, Hankyu REIT may revise it.

• The Japanese original document was distributed to press clubs within the Tokyo Stock Exchange (Kabuto Club), Osaka
Securities Exchange, Ministry of Land, Infrastructure, Transport and Tourism, and to the press club of the construction trade
newspaper of the Ministry of Land, Infrastructure, Transport and Tourism.
• Hankyu REIT website: http://www.hankyu-reit.jp/engDisclaimer:This document is a press release to make a public announcement of the forecast of financial results for the fiscal period ending
November 30, 2013, and has not been prepared as a solicitation for investment. Hankyu REIT cautions investors to ensure that theyrefer to the prospectus for notification of the issuance of new investment units and secondary offering of investment units as well as
amendments thereto prepared by Hankyu REIT, if any, before undertaking investments and investments be made at their own discretionand responsibility.

2Assumptions for Forecasts of Financial Results for the Fiscal Period ending November 30, 2013
(June 1, 2013, to November 30, 2013)

Item
Accounting period

Assumption
・ Seventeenth Fiscal Period: June 1, 2013, to November 30, 2013
(Operating period: 183 days)

Assets undermanagement

・ It is assumed that the two assets planned to be acquired (AEON MALL
SAKAIKITAHANADA (site) and (tentative name) MANDAI Toyonaka Honancho
Store (site)) announced in the press release “Notice Concerning Acquisition ofDomestic Real Estate Trust Beneficiary Interests” dated today on the planned
dates of acquisition to the 16 existing properties owned as of today will beacquired. Additionally, it is assumed that there will be no transfers other thanthese to the assets under management until November 30, 2013.
・ However, these assumptions may change if there are any changes in the assets
under management.

Operating revenues

・ It is calculated based on lease agreements currently in effect and taking into
consideration portfolio property competitiveness, market conditions and otherfactors. Also, with regard to other factors such as items that might change
revenue or contract cancellation notices, we have made calculations taking into
account a reasonable margin for fluctuation in the reported figures based on pastfinancial results and the conditions of individual tenants.
・ It is assumed that there are no rents in arrears or delinquency of tenants.
・ Expenses of real estate rent, principal operating expenses, are calculated basedon past financial results (excluding depreciation costs) reflecting factors thatmight affect expenses.

Operating expenses

・ Property tax and city planning tax are estimated to be 390 million yen. In
general, property tax, city planning tax and other related taxes applicable in thefiscal year of acquisition are calculated on a pro rata basis as of the date ofacquisition and shared between the buyer and seller. Hankyu REIT, however,capitalizes the amount of these taxes into the acquisition cost.
・ An estimate for necessary repairs and maintenance expenses of buildings foreach fiscal period is allocated to expenses during the relevant fiscal period. The
actual repairs and maintenance expenses may, however, differ significantly fromthe amount estimated, as a substantial amount of unexpected contingent repairs
and maintenance expenses may be required, and these expenses differ
significantly between fiscal periods, and are not incurred on a regular basis.
・ Property/facility management fees are estimated to be 399 million yen.
・ Depreciation costs are calculated using the straight line method and are
estimated to be 970 million yen.
・ Operating expenses other than expenses of real estate rent (asset management
remuneration, asset custodian fees, and administrative service fees) are
estimated to be 371 million yen.
Non-operating
expenses・ Temporary expenses for the issuance of new investment units by public offeringresolved at the Investment Corporation’s Board of Directors meeting held today
are estimated to be 20 million yen.

Disclaimer:This document is a press release to make a public announcement of the forecast of financial results for the fiscal period ending
November 30, 2013, and has not been prepared as a solicitation for investment. Hankyu REIT cautions investors to ensure that theyrefer to the prospectus for notification of the issuance of new investment units and secondary offering of investment units as well as
amendments thereto prepared by Hankyu REIT, if any, before undertaking investments and investments be made at their own discretion
and responsibility.

3

・ Interest expenses and finance related costs are estimated to be 421 million yen.
Investment units

・ It is assumed that in addition to the 85,400 investment units outstanding as oftoday, there is issuance of new investment units by public offering resolved at theInvestment Corporation’s Board of Directors meeting held today (18,000 units)
and the issuance of new investment units by way of third-party allotment throughover-allotment (1,800 units). It is assumed that as for the additional issuance ofinvestment units by way of third-party allotment, the total amount of 1,800 units
will be issued.
・ Is it assumed that there will be no issuance of new investment units other thanthat until November 30, 2013.

Interest-bearing debt

・ It is assumed that the balance of loans payable will be 50,900 million yen andthere is no increase or decrease during the 17th fiscal period. It is assumed thatthe short-term loans of 3,000 million yen and long-term loans of 3,000 million yen
due in the 17th fiscal period will be fully refinanced.
・ It is assumed that outstanding balance of investment corporation bonds will be
6,000 million yen and there is no increase or decrease due in the 17th fiscalperiod. Moreover, there is no investment corporation bond due for redemption
during the 17th fiscal period.

Distribution per unit

・ Distribution per unit is calculated based on the assumption that the distribution ismade in accordance with the cash distribution policy set in the Hankyu REIT
Articles of Incorporation.
・ Distribution per unit may change due to change in rental income resulting from achange in assets under management or a change in tenants or other factors
including unexpected repairs.

Distribution inexcess of earnings
per unit

・ There is no plan to conduct distribution in excess of earnings per unit at thispoint in time.

Other・ It is assumed that there will be no revisions in the laws and regulations, taxation
system, accounting standards, exchange listing rules, or The Investment Trusts
Association’s regulations that will influence the above financial forecasts.
・ It is assumed that there are no significant unforeseen changes in general
economic trends or the real estate market, etc.

Disclaimer:This document is a press release to make a public announcement of the forecast of financial results for the fiscal period ending
November 30, 2013, and has not been prepared as a solicitation for investment. Hankyu REIT cautions investors to ensure that theyrefer to the prospectus for notification of the issuance of new investment units and secondary offering of investment units as well asamendments thereto prepared by Hankyu REIT, if any, before undertaking investments and investments be made at their own discretion
and responsibility.

4